The $SPX broke out of its downward trend line and found support as it retraced backed to the backside of it today. Looking at a 60 minute chart. This pullback is also the third test of upward trend line support from the low of August 16, 2007. Another thing to applaud is that the MACD is still in positive territory and price is still above the 50 SMA. All this negative sentiment is great! It is time to go long! Three intraday targets: $1503.89, $1547.23, $1555.90 (the all time high). I am long despite the obvious bearishness.

Timet’s stock (TIE) has kicked investors around for the past two months…. oh the pain! Now, the hourly support on the 60 minute chart suggests the TIE is about to make a bull rally! First of all, it made a new hourly high, and today it gapped down, pulling back 61.8 Fibonacci support, a horizontal support and the back of the downward trend line after it broke out above it. This is also a pivot level of support. In addition, a very special feature is that this looks like an Inverted Head and Shoulders pattern developing. Usually after the market makes a new high it pulls back to 61.8% or 78.2% (both are great places to enter!), and then, it runs up and rallies back above the high to make a higher high, and so, a higher low. So, what can I say but follow what I see.

Still holding on to AT&T as it did not hit our stop nor met our profit target yet. Entered around $38.60, and I believe that it is at a place to move up technically above $40.44 in the short-term, maybe that will spiral more buyers to come back and get our moneys worth above $41.41, but $44.31 is nearer to the top of the weekly channel.